section 194I - Page 5

Lease Premium Paid to CIDCO is a Capital Expenditure, Thus Not Liable to TDS

ITO (TDS) Vs M/s Progressive Civil Engineers Private Limited (ITAT Mumbai)

In the Case of Income Tax Officer (TDS) Vs. M/s Progressive Civil Engineers Private Limited, ITAT Mumbai held that Lease Premium payment made to CIDCO is to acquire capital asset being long term holding rights along with right to construct and therefore it is capital expenditure in nature....

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Form 16B- How to Request for correction and Download?

1. How to Download Form 16B and 2. what if there is a mistake in form 16B how Buyer of immovable property can make corrections to the details to be printed on Form 16B once and download the corrected Form 16B?...

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Posted Under: Income Tax | ,

TDS U/s.194I not deductible on lease premium paid to acquire land on lease with substantial right

ITO (TDS) Vs Oriental Bank of Commerce (ITAT Mumbai)

In the case of ACIT vs. OBC, Mumbai Bench of ITAT observed that the amount paid by the assessee bank (the lessee) to City Industrial Development Corporation (MMRDA) (Lessor) was in the nature of rent as defined u/s 194 I of the Act or not, which held yes by CIT (A)....

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Correction in Form 26QB Challan (TDS on Sale of Property)

The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. Form 26QB is an internet based PAN challan( minor head 800) containing details of buyer, Sell...

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Open Access Charges or Transmission Charges – Applicability of TDS Provisions

Wheeling Charges, Open Access Charges or Transmission Charges by whatever name it may be called, Income Tax Authorities have tried to cover it under TDS obligations whether as technical services u/s 194J, rent u/s 194I or as transport services u/s 194C. ...

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Posted Under: Income Tax |

Mere Tax deduction under any Head cannot be determinative of true character of payee’s income- HC

Kottinatu Transporters Vs CIT, Kottayam (Kerala High Court)

In case of Kottinatu Transporters vs. CIT, The Hon'ble Kerala HC by disposing off write petition held that the tax deduction under a heading by payer, it cannot be determinative of character of income of payee....

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If payment is for variety of services & use of land is minor, Payment cannot be treated as rent –SC

Japan Airlines Co. Ltd Vs CIT (Supreme Court of India)

The charges such as Landing Charges, Lighting Charges, Approach and Aerodrome Control Charges, Aircraft Parking Charges, Aerobridge Charges, Hangar Charges, Passenger Service Charges, Cargo Charges etc. ...

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TDS on Rent under section 194I of Income Tax Act,1961

What is the definition of Rent? Rent is defined as the payment made under any lease, sub-lease, tenancy or any other agreement or arrangement. Such payment is made for the use of land or building or for land appurtenant to a building, machinery or plant or equipment or furniture or fittings....

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TDS on School bus fees to be deducted U/s. 194C – HC

ACIT (TDS) Vs. Lotus Valley Education Society (Allahabad High Court)

ACIT (TDS) Vs. Lotus Valley Education Society (Allahabad High Court) In the case of ACIT (TDS) Vs. Lotus Valley Education Society it was held by Allahabad High Court that explanation-III to sub section (2) of Section 194-C clearly provides that ‘work’ includes carriage of goods and passengers by any mode of transport other tha...

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TDS under Income-tax Act, 1961 on service tax

It is clarified that the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVJI-B of the Act on the amount paid/payable without including such service tax component....

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May 2020